• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Shuriken Consulting

beyond the numbers

  • Pay your Bill
  • Tax Calculator
  • Contact Us
  • About
    • Privacy
  • Webinars
    • ATO Targets Cash Business
  • Services
    • Setup
    • Company Setup
    • Education
    • Finance
    • Insurance
    • Compliance
    • Bookkeeping
    • Tax and Accounting
    • Cloud Accounting
    • SMSF
    • Growth
    • Advice
    • Business Structure
    • Business Valuations
    • Wealth Team
  • Digital
  • International
  • Locations
    • Sydney CBD
    • Hornsby
    • Dural
    • Manly

Andrew Jeffers CEO / January 9, 2017

Checklist To Get You Ready For Tax Time

Australian tax return checklist

Tax returns. Not the most fun topic but it’s something we all have to do if we earn income as an individual or as a business owner. If you want to avoid feeling overwhelmed and stressed about being ready for tax time, you can make the process of lodging your tax return a lot quicker and easier if you have all the receipts, tax invoices and documents organised using this simple tax return checklist.

[ctt template=”9″ link=”fd19B” via=”no” ]Keep all the receipts, tax invoices and documents organised using this simple tax return checklist. [/ctt]

Step 1: Get Organised with a folder

Create a new file or folder for each financial year. Collect everything tax related in this folder in preparation for going through it later. Your folder can be digital, by scanning all physical documents and saving digital files to your computer. There are also some very handy apps that you can use to manage your receipts.

Or, if you prefer paper records, print digital documents and throw everything in your physical file folder.

Step 2: Use this tax return checklist

So now that you have your folder system all organised, here is a handy list of all the things you will need to collect over the course of the financial year:

General

  • Previous Year’s Tax Return / Notice of Assessment
  • Previous Year’s Accountant’s Fees
  • Spouse + Children details including DOB
  • Private Health Insurance
  • Medical receipts
  • Details of purchase or sale of property, shares, business or other investments (Capital Gains Tax Statements)
  • Receipts for donations made to DGR listed charities
  • Income Protection premiums
  • Personal pre-tax and post-tax contributions to superannuation
  • Self-employed superannuation contribution details.

Income-Related

  • Group Certificate from Employment / PAYG summaries
  • Interest earned on bank, savings and term deposit accounts
  • Rental Income received
  • Superannuation income stream / pension statements
  • Social security / Centrelink pension or allowance, family tax benefit payment summaries
  • Trust / Partnership distribution statements
  • Tax statements from share and managed fund investments
  • Lump sum payment summaries (i.e. Eligible Termination Payment statements)
  • Business or other income earned.

Expenses

  • Work related expenses (i.e. uniform, tools, travel, meals, self-education costs, union + professional membership)
  • Motor vehicle expenses (i.e. petrol and maintenance costs, log book or estimation of kilometres)
  • Rental property expenses (i.e. interest expense, property agent fees, body corporate, rates, insurance, cleaning, maintenance + repairs)
  • Investment expenses (i.e. financial advice fees, investment borrowing fees, bank fees).

You might also be interested in: 5 Accounting Software That Are Probably Perfect For Your Business

This is is not exhaustive of all the deductions available to individuals. There may be other items as well depending on your circumstances.

contact-shuriken-today

Filed Under: Deductions, Tax Tagged With: deducations, Tax Return

Primary Sidebar

Recent Posts

  • August 2021 Tax And Accounting News: All You Need To Know
  • Exclusive Probians Offer
  • Tax & Accounting Questions Answered Free for Probians
  • Government support for your business
  • Succession Planning for Small Businesses

B1G1

“Imagine if every time you made a step forward in your business, it had an unimaginable impact on the lives of others…”

Footer

Services

  • Company Setup
  • Education
  • Finance
  • Insurance
  • Bookkeeping
  • Tax and Accounting
  • Cloud Accounting
  • SMSF
  • Advice
  • Business Structure
  • Wealth Management
  • Business Valuations
  • Digital Marketing
  • Shuriken International
  • Events

About

Shuriken is at the forefront of accountancy, providing clients with a broad range of services, coaching and mentoring.

Contact Shuriken if you want to launch or grow a business or if you want to get a clear action plan on how to achieve your financial goals. We can help with benchmarking, cashflow forecasting, payroll and much more.

Learn More

NSW Business Chamber Member

Contact Us

Sydney CBD

T: 1300 886 066 or (02) 9114 8544

Hornsby

T: (02) 9485 3400

Dural

T: (02) 9651 2288

Endorsal

  • News
  • Events
  • FAQs
  • Contact Us
Terms of Use Privacy Policy Disclaimer